2005 California Financial Code Sections 50601-50602 CHAPTER 8. OPERATION OF DIVISION

50601.  This division shall become operative on January 1, 1996.
50602.  This division is repealed on January 1, 1996, unless the
following two conditions are met.  First, the Commissioner of
Corporations must receive, on or before March 1, 1995, from no fewer
than 150 persons, a notice of intention to file an application for
licensure as a residential mortgage lender or residential mortgage
loan servicer, accompanied by the application filing fee and an
annual financial report for calendar year 1994 that meets the
requirements of subdivision (a) of Section 50401.  Second, the
Legislature shall appropriate money for the implementation of this
division to the Department of Corporations from Item 2180-001-067 of
the 1995-96 Budget Act.  If the above two conditions are not met, all
persons who have paid fees or assessments under this division shall
receive a refund prior to the date of repeal.